First Citizens BancShares in Raleigh, N.C., has terminated five of its nine loss-share agreements with the Federal Deposit Insurance Corp.
The $32 billion-asset First Citizens said in a press release Monday that it made a net payment of $20.1 million to the FDIC tied to the early termination. First Citizens said it will record an after-tax charge of about $2.2 million in the second quarter.
The agreements were connected to the company’s purchases of banks that failed between 2009 and 2011.
DD&F Consulting Group in Little Rock, Ark., served as an adviser for the terminated agreements.